How 2020 changed the market
While most of us will be heartily glad to see the back of 2020, at P-THREE we’re also mindful of the wise adage that sometimes you have to look back to move forward.
In that mindset, we’ve been reviewing the bountiful array of topics covered in our Perspectives this year and have distilled these down into what we believe are the key themes which have framed 2020 and, perhaps more importantly, will be influential across our marketplace in 2021 and beyond.
While it’s axiomatic that every year will bring change, the core theme for this year must surely be the sudden increase in the rate of change, induced largely by Covid-19. It’s important to note that much of this change had already begun, but the onset of the global pandemic shifted behaviours forward in a number of weeks that might otherwise have taken years. All of us have been affected by this surge, which has physically and psychologically altered how we live, work and spend our leisure time. In a matter of months new formats and models of working together have appeared which will remain with us, long after vaccines have consigned Covid to the past.
The effects of working from home during lockdown extend much further than the impact of converting homespace to workspace; employers are wholly re-evaluating how and where their workforce should be based, and this in turn will have an impact on the facilities and services people require, whatever their location. This occupational change has similarly impacted on investors, who are already reassessing how the sudden shift in the market will affect values and returns.
What else have we learned in 2020? Here are five themes which not only defined this year, but we think will also be hugely relevant in the coming decade:
polycentric cities – both the CBD and the suburbs are redefining themselves. Click here for link to blog on this
variety of uses – flexible spaces that blend into each other are more sustainable, promote wellbeing and are more resilient. Click here for link to blog on this
town centres – the retail-led environment of the past is being redefined by people-led place purpose. Click here for link to blog on this
localism – a whole new asset class is emerging from previously undervalued locations. Click here for link to blog on this
adaptability – the move towards more flexible space uses is driving reinvention of traditional concepts such as cinemas, click here for link to blog on this, and department stores. Click here for link to blog on this
Don’t miss our predictions for 2021, which we’ll be unveiling here on January 5th. In the meantime, all at P-THREE wish you a very merry and safe festive period.
